Speeches by Reeves.

“The Prime Minister has been clear that that was one of the things that we looked at, but we were also looking at the tax thresholds. In the end, because of the decisions we made on higher value council tax, property, dividends and a number of other measures, we were able to keep the contribution from working people as …”

“The Prime Minister and I met two or three times a week during the Budget process. That is not always the case between Chancellors and Prime Ministers—I recognise that—but there is a very close partnership between myself and the Prime Minister. We took him through all the numbers and options, and we decided it together,…”

“Yes, we have regular meetings with the growth mission board. I did not say in my answer to your question, as you suggested, that there were no growth measures in this Budget. Far from it. In the week of the Budget, we made further progress on the runway at Heathrow; we signed off the film studio in Marlow. Jamie Dimon,…”

“As you will know from your time at the Treasury, pre-measures is not the final word from the Office for Budget Responsibility; you have post-measures forecasts as well. The post-measures forecasts take into account the policy decisions that we take as a Government on tax and spend, and the OBR rightly do their own anal…”

“Yes, and—”

“I think the deputy governor was a bit clearer than that. I think she gave evidence to the Committee yesterday saying that next year there will be 0.4 to 0.5 percentage points off inflation because of the measures in the Budget.”

“Yes, there was, and the reason for that is that the OBR do costings of all the changes that we are making, as well as there being interactions between the tax measures and other economic variables, whether those be GDP, consumption or inflation, so all of this was changing. It was a big Budget—I think we can all agree …”

“That is not entirely correct. The £16 billion is the result of a productivity downgrade. Because of higher wage inflation and price inflation, there were also higher tax revenues, but higher inflation is not a good thing, because, of course, that erodes the spending power of Government. I would not characterise it as, …”

“Of course, we wanted to reduce that inflation, which is exactly what we did, as the deputy governor of the Bank said to you yesterday, with 0.4 to 0.5 percentage points off inflation next year.”

“A couple of things. First of all, in the speech on 4 November, I was very clear that everyone would have to make a contribution, and you saw that in the Budget on 26 November: we froze, for an additional three years, the tax thresholds—national insurance and income tax—that the previous Government had frozen for seven …”

“Of course, the previous Government took taxes to a record high and saw interest rates go through the roof.”

“And of course it is right that it looks at all those people. That is not suggesting that we think any of those people are responsible, but everybody who had access to this information should rightly be part of that leak inquiry.”

“Yes, I agree with the permanent secretary.”

“I am absolutely categorical that that was not an authorised briefing. It was incredibly damaging and frustrating. That is why we have a leak inquiry. It was not “briefing” that was signed off by me or any of my Ministers or officials. It was unacceptable. That is why there is a leak inquiry going on.”

“I said in my speech on 4 November that everyone would have to contribute. We were able to keep that contribution as low as we did by using a range of more progressive taxes such as the high value council tax, the gambling tax and tax on dividends on property.”

“I do not want to give you a number without being able to check.”

“On 4 November, I gave a speech where I set out my priorities for the Budget: to cut the cost of living, to cut NHS waiting lists and to cut the debt and the deficit. I was clear in that speech that I wanted to build more resilient public finances, with the headroom to withstand global turbulence. As you saw when I deli…”

“As I have just said, Dame Meg, there were leaks that were clearly not authorised. That is very serious, which is why this review is going on. If you would like me to address specifically the issues on 13 November, I am very happy to do so.”

“Obviously, everything in the next spending review will be set out in the next spending review.”

“That was part of the agreement in the spending review, that for this spending review period, that would be absorbed. The costs are actually quite low in the first couple of years, and that was part of the spending review settlement. But obviously, at future spending reviews—”